Renting & Payments

Vincenzo

Difficult to say without knowing the market and your circumstances regarding sale, especially considering you have not exchanged yet.

However, I would be inclined to let the Landlord put the property back on the market and ask the agent to let you know when they have interest. It is likely it will take a few weeks to secure a tenant and get them moved in. In that time you will know your situation and be in a position to move quickly on the rental property, perhaps offering slightly more to secure it if they have other interest at a similar rental level.

Otherwise....I am sure there are plenty of other properties out there if you lose it....

RAINBOW123_3

Its not in the early stages.

We sold beginning of July & the buyers requested for the solicitors to complete at the end of August.I know it can take longer.

Its now end of August & still no valuation done.Its been 7 weeks.

We put the holding deposit down as we were aiming to get done by end of Aug as requested by the buyers.

We are not bothered about losing the holding deposit.

In relation to the holding deposit,does anyone know if we did have to find another place with the same estate agents do we have to put the holding deposit down again even if we have already had our credit checks,references done with the same estate agents?

RAINBOW123_3

Vincenzo.

Thats a good point.

But the thing is there was a lot of interest in the property & it will most probably go.

Does anyone know how long it will take for a property to be put back on the market & does the landlord have to pay for this?

RAINBOW123_3

Zincenzo

We wouldnt be able to get in their first though because the next tenant would have put the holding deposit down to take it off the market.

Fortheloveofmoney

RAINBOW123 wrote: »

Vincenzo.

Thats a good point.

But the thing is there was a lot of interest in the property & it will most probably go.

Does anyone know how long it will take for a property to be put back on the market & does the landlord have to pay for this?

Immediately. If there was a lot of interest in this property then the agent will probably just phone the other interested parties to see if they are still looking. The landlord doesn't have to pay for this.

You really don't sound ready for this property let it go and just find another when you have exchanged.

Soot2006

So did you initially agree on a moving in date, but then postponed it?

As previous posters have said, it could well be few more weeks until exchange -- the process between survey being conducted & survey results/mortgage offer/exchange was by fat the longest part of our house buying adventure. It took over 4 weeks of the 6 total weeks between offer & completion.

Vincenzo

RAINBOW123 wrote: »

Zincenzo

We wouldnt be able to get in their first though because the next tenant would have put the holding deposit down to take it off the market.

The holding deposit does not mean the Landlord is obliged to let the property to the person that paid the deposit. He can simply return the deposit and let it to someone else. Hence my suggestion that you may have to offer a slightly higher rent.

In your current position it would be very risky to take on a tenancy agreement. You may be able to afford the rent and the mortgage but it would damage your wealth and is certainly not in the spirit of MSE!

As another poster suggested, maybe you are better off letting this one go and finding another between exchange and completion of your sale?

RAINBOW123_3

Soot2006

We gave him a date but he knew that we hadnt got to exchange stage yet & when it got to that date & we stillhadnt got to exchange stage he gave us another week.

At the time of us viewing it the second time two other people were interested but he didnt accept them & he said then we came along.

We had a meeting with him & got on really well & felt really comfortable with him.His report back to the agents is that he is glad that he will have us as tenants.

RAINBOW123_3

Oh I see Vincenzo.

Lets hope this happens.

So he is allowed to stop the other tenant even though he has put down the holding deposit?

Is that not very fair?

Vincenzo

RAINBOW123 wrote: »

Oh I see Vincenzo.

Lets hope this happens.

So he is allowed to stop the other tenant even though he has put down the holding deposit?

Is that not very fair?

It is purely a holding deposit, no tenancy agreement has been entered into. Agents often take the holding deposit before even reporting the offer to the Landlord and certainly before references and credit checks are done. If the Landlord decides not to proceed, your deposit is returned. Seems fair to me.